A person who transfers the ownership of a registered motor vehicle to another, upon the filing of a new application, and upon the payment of a fee of $25.00 may have registered in his or her name another motor vehicle for the remainder of the registration period without payment of any additional registration fee, provided the proper registration fee of the motor vehicle sought to be registered is the same as the registration fee of the transferred motor vehicle. However, if the proper registration fee of the motor vehicle sought to be registered by such person is greater than the registration fee of the transferred motor vehicle, the applicant shall pay, in addition to such fee of $25.00, the difference between the registration fee of the motor vehicle previously registered and the proper fee for the registration of the motor vehicle sought to be registered. (Amended 1969, No. 276 (Adj. Sess.), § 3; 1975, No. 90, § 2; 1979, No. 202 (Adj. Sess.), § 3, Pt. IV, eff. Sept. 1, 1980; 1989, No. 51, § 15; 2001, No. 102 (Adj. Sess.), § 8, eff. May 15, 2002; 2005, No. 175 (Adj. Sess.), § 29; 2009, No. 50, § 40; 2011, No. 128 (Adj. Sess.), § 13; 2015, No. 159 (Adj. Sess.), § 13.)